Catalist-listed Singapore eDevelopment, formerly known as CCM Group, has been asked to pay $152,509.68 to an insurer, which had to pay out the same sum to one of the company's clients.
MSIG Insurance had issued a performance bond for a contract between CCM and the National Parks Board (NParks) for the maintenance and upgrading of park facilities. NParks has since demanded and obtained payment of $152,509.68 under the performance bond.
A performance bond is commonly used in the construction industry to insure against the risk of a contractor failing to fulfil obligations.
Since Singapore eDevelopment had provided corporate indemnities to issuers of performance bonds relating to its legacy construction business, it will now have to pay the demanded sum to MSIG.
ST Aerospace, ST Engineering's aerospace arm, will provide maintenance support to the world's first commercial spaceline.
The firm's United States affiliate company, VT San Antonio Aerospace, will conduct heavy maintenance checks on Virgin Galactic's Boeing 747-400 aircraft, the carrier aircraft for its small satellite launch vehicle.
During the heavy maintenance visit, the 747-400 will undergo an inspection of all of its airframe structure, with many of its systems to be removed and overhauled in the process.
The aircraft will then undergo various modifications before entering service with Virgin Galactic, serving as the first stage in the spaceline's LauncherOne orbital launch system.
Japan Foods Holding
Japan Foods Holding has opened its first non-Japanese concept restaurant, the New ManLee Bak Kut Teh at Clementi Mall.
The concept is franchised from a restaurant established over 40 years ago in Kuala Lumpur.
The choice of bak kut teh ( pork rib soup) was a natural one as the group's central kitchen already prepares pork bone broth for its restaurants here, said executive chairman and chief executive Takahashi Kenichi.
"We do not want to limit ourselves only to Japanese cuisine but to look for other cuisines that can also tap into the resources that we already have. The new restaurant at Clementi Mall is our test bed and, if successful, it will allow us to move confidently in this direction."